USDA improved global soybean production estimate for 2020/21 by 7%: June report

USDA experts forecast a 24.65 mln t increase in the global soybean harvest in 2020/21 to 364.07 mln t (2019/20: 339.42 mln t), the June USDA report data show.

The projection for the global soybean production in 2021/22 was reduced to 385.52 mln t (May Proj.: 385.53 mln t).

Under USDA report, global soybean exports in 2020/21 are expected at 171.31 mln t, 0.1 mln t down than analysts' forecast in May. Soybean export in 2021/22 is expected at 172.9 mln t.

World soybean ending stocks in 2020/21 are forecast at 88 mln t, 1.45 mln t up from the May estimate, in 2021/22 stocks should increase by 1.45 mln t to 92.55 mln t.

World soybean meal production is expected at 260.32 mln t 2021/22. World soybean oil production is forecast at 62.25 mln t, flat mth/mth.

The forecasted volumes of soybeans and products in key producing countries in 2021/22:

Country Soybeans, mln t Soybean meal, mln t Soybean oil, mln t
 Argentina 52 32.73 8.4
 Brazil 144 36.97 9.18
 United States 119.88 47.63 11.77
 China 19 79.2 17.92

As of June 10, soybean planting in Ukraine is 99% completed.

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